Update 10/21/10: The top rate has fallen to 3.51% APY and the balance cap has fallen to $15K.
- 3.51% APY on balances up to $15,000
- 0.80% APY on portion of balance over $15,000
- 0.10% base rate if monthly requirements are not met
- ATM fee refunds up to $20 per cycle
The monthly requirements include:
- 10 check card purchases
- 1 direct deposit or automatic payment
- Enroll and receive online statements
Additional features of the account regardless of the monthly requirements include:
- $50 minimum initial deposit
- No minimum balance requirement
- No monthly service charge
There's an apply button located in the bank's rewards checking page. However, this apply button takes you to an online application that must be printed and taken to one of the bank's branches.
Branches are located in the Georgia cities of West Point, Newnan and Lagrange, and in the Alabama cities of Valley, Auburn and Opelika.
The bank's ratings for safety and soundness are mixed: 3½ stars (good) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1954 (FDIC Certificate # 30720).
Thanks to the reader who mentioned this reward checking account in the comments
Other Reward Checking Accounts
Note, this bank is not related to Charter Bank in New Mexico that just recently made a major change to its nationwide reward checking account (see post).
To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.
- 10/20/10: 3.51% APY up to $15K; 0.80% over
- 11/06/09: 5.01% APY up to $25K; 1.01% over; 0.10% base